Compliance
Compliance (regulatory compliance) means conforming to comply with relevant laws and regulations. Together with KYC Spider in Zug Eurospider has in-depth compliance know-how.
“You have to be adaptable and open to adjustments”, said Simonetta Sommaruga, President of the Swiss Confederation, on August 12, 2020 at the press conference held by the Federal Council [1]. This not only applies to combating the COVID-19 pandemic, but also to combating money laundering. We’ve identified a few issues with the false report about an alleged coronavirus death [2] which are also relevant for compliance.
Some time ago, we posted an expert article about compliance and game theory. Several readers may have wondered what compliance has to do with gaming. Game theory belongs to the realm of mathematics and economics. The term is a misnomer because modern game theory does not focus on board games and the like. “Strategic interaction theory” or “strategic conflict theory” would be more accurate descriptions.
The term “Semantic Web” was coined by Tim Berners-Lee, the inventor of the World Wide Web. His idea was to create a “web of data” that could be interpreted by machines – a goal that is also highly relevant the area of compliance. What is known as the Resource Description Framework (RDF) is used to achieve this goal. RDF enables automated inferencing, which is also beneficial for compliance purposes.
Precision is the ratio of true positives to positives: how many hits are correct? Yield is the ratio of true positives to the total number of true positives and false negatives: how many hits that should have been found were actually found. This two-dimensional perspective does not allow for any clear-cut estimation.
Game theory is a toolbox offering various analytical instruments that can be applied across a range of areas, for example in economics and law. In the simplest model, the “players” are a potential bank customer and a compliance officer. The game – onboarding, for example – is subject to particular rules. In the best-case scenario, the customer will be accepted and the compliance officer will not have any problems with them. In the worst-case scenario, the potential bank customer will be turned down, but the compliance officer will still experience problems.
Complete Revision of the Federal Data Protection Act
Complete Revision of the Federal Data Protection Act: „As of 15th September 2017, draft and report for a completely revised Federal Data Protection Act is public. In a first step parliament and the people agreed to adaptations in order to be compliant with EU law. The second part of the revision is debated by the parliament since September 2019. Data Protection is to be increased by giving people more control over their private data as well as reinforcing transparency regarding the handling of confidential data.”
Links: datenrecht.ch
